Overview
Outlook
Data
Training
Description
Financial sales representatives sell basic deposit, investment and loan products and services to individuals and businesses. They work in banks, credit unions, trust companies and similar financial institutions.
Job Titles
- Credit officer
- Financial services officer
- Financial services representative
- Loan officer
- Mortgage officer
- Sales associate – personal banking
Main Duties
- Open new personal and non-personal accounts, and provide access to automated banking machine, telephone banking and online banking services
- Interview applicants for personal, mortgage, student and business loans
- Promote the sale of deposit, investment, credit and loan products and services
- Assist clients by proposing solutions to address financial objectives such as business expansion, debt management, investment and other financial goals
- Research and evaluate loan applicant’s financial status, references, credit and ability to repay the loan
- Complete credit and loan documentation
- Submit credit and loan applications to branch or credit manager with recommendations for approval or rejection; or approve or reject applications within authorized limits ensuring that credit standards of the institution are respected
- Prepare statements on delinquent accounts and forward irreconcilable accounts for collector action
- Review and update credit and loan files
- Act as joint custodian for cash and securities.
Workplaces
- Banks
- Credit unions
- Financial institutions
- Trust companies
Skills
- Monitoring
- Persuading
- Critical Thinking
- Decision Making
- Digital Literacy
Abilities
- Deductive Reasoning
- Speech Recognition
- Verbal Ability
- Categorization Flexibility
- Fluency of Ideas
Personal Attributes
- Attention to Detail
- Active Learning
- Adaptability
- Analytical Thinking
- Collaboration
Similar Occupations
- Other financial officers (11109)
- Banking, insurance and other financial clerks (14201)
- Customer services representatives – financial institutions (64400)
- Loan and credit manager – banking or trust company (in 10021.01 Banking and other investment managers)
Source: OaSIS
Employment Outlook
The employment outlook will be moderate for Financial sales representatives (63102) in Prince Edward Island for the 2022-2024 period.
The following factors contributed to this outlook:
- Employment growth will lead to a moderate number of new positions.
- A moderate number of positions will become available due to retirements.
- There are a moderate number of unemployed workers with recent experience in this occupation.
Here are some key facts about Financial sales representatives in Prince Edward Island:
- Approximately 150 people worked in this occupation in May 2021.
- Financial sales representatives mainly work in the following sectors:
- Monetary Authorities – central bank and securities, commodity contracts and other intermediation and related activities (NAICS 521, 522, 523): 82%
- Federal government public administration (NAICS 911): 18%
- 94% of financial sales representatives work all year, while 6% work only part of the year, compared to 59% and 41% respectively among all occupations. Those who worked only part of the year did so for an average of 50 weeks compared to 41 weeks for all occupations.
- The gender distribution of people in this occupation is:
- Men: 26% compared to 51% for all occupations
- Women: 74% compared to 49% for all occupations
- The educational attainment of workers in this occupation is:
- no high school diploma: n/a
- high school diploma or equivalent: 46% compared to 28% for all occupations
- apprenticeship or trades certificate or diploma: 9% compared to 11% for all occupations
- college certificate or diploma or university certificate below bachelor’s: 26% compared to 25% for all occupations
- bachelor’s degree: 20% compared to 17% for all occupations
- university certificate, degree or diploma above bachelor level: n/a
Source: Job Bank
Prevailing Wages
| AREA | LOW | MEDIAN | HIGH |
|---|---|---|---|
| PEI | $18.00 | $26.59 | $47.12 |
| Canada | $19.44 | $27.95 | $51.28 |
Training
There are no known training programs for this occupation in PEI. If you are aware of a local training program, please contact us.
More Info
View the full occupational profile with details on work characteristics, interests, employment requirements and more on the Occupational and Skills Information System (OaSIS) website.
Related Jobs
There are currently no job listings for this occupation on WorkPEI.